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Hi, everybody. Today we are in really good company because I'm here with Anthony Bolton.

And Anthony Bolton, he is, in a way, in my mind, the father of Contrarian investing.

You know, the best person I know to do the opposite of everybody else,

and my, have you made a lot of money for Fidelity over the years doing that. So, warm well,

Anthony. Thank you, Nicola. It's lovely to be here with you. Why can one make so much money by doing

the opposite of other people? I think because very few people are doing it. So it's almost by definition.

And the trouble in the stock market, if you do what everyone else is doing, it will work for

a while, but the more people who get on the bandwagon eventually, it bursts.

And I think that's why it's important. I always, my view of investing, that popularity

is risk and conversely unpopularity is opportunity. I'm not saying everything that's unpopular,

therefore is an opportunity. But I, I just early on, I wanted to look where other people weren't looking.

And I always felt uncomfortable if I own something that everyone else owned.

Not many people feel that way.

That's the point. That's why I think it works.

So when you think about being contrarian, I mean, what is it?

What does it entail?

I think it entails, I think it's something in the personality that you feel comfortable

about being different.

I think most people are, they like the comfort of the crowd.

They like to be reinforced.

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